Aptiv upgraded to Neutral from Underweight at Piper Sandler

Piper Sandler analyst Alexander Potter upgraded Aptiv (APTV) to Neutral from Underweight with a price target of $65, up from $53, after the company announced its intention to spin off its Electrical Distribution Systems business, thereby creating two separate, publicly-traded companies. The firm says the new Aptiv will consist solely of growth-oriented technologies, while the standalone EDS business will contain Aptiv’s traditional footprint in electrical architectures. The move allows shareholders to more directly assign value to each segment, which Piper views favorably, the analyst tells investors in a research note.